Over the last several weeks I have introduced different programs to help struggling California homeowners — whether in distress, loss of home value, a mortgage adjustment or military obligation.

Whatever the cause of a situation where keeping your home was at risk, the three programs that I introduced — Mortgage Reinstatement Assistance (MRAP), Principal Reduction or Transition Assistance Program were part of Keep Your Home California (KYHC).

This program was designed specifically for California. Since California leads the nation with its economy, it’s beneficial for the country to see California ease its way out of the real estate bubble that burst in 2008.

More information about the programs that I mentioned can be found at the website www.KeepYourHomeCalifornia.com. The program consists of four distinct programs that cater to specific needs.

The fourth element of the program that I’d like to introduce is the Unemployment Mortgage Assistance Program (“UMA”). It’s one of the federally-funded programs developed to provide temporary financial assistance to eligible California homeowners who wish to remain in their homes but have suffered a loss of income due to unemployment.

KYHC is partnering with financial institutions to directly provide program funds to subsidize an eligible homeowner’s mortgage payments. UMA provides mortgage payment assistance equal to the lesser of $3,000 per month or 100 percent of the principal, interest, tax, insurance and any escrowed homeowners association dues or assessments, for up to 12 months, with the purpose of preventing avoidable foreclosures until such time that the homeowner retains employment sufficient to meet the demands of satisfying their regular mortgage payment.

UMA’s goal is to help homeowners remain in their homes and prevent avoidable foreclosures despite loss of income due to unemployment. The UMA will minimize past due payments and provide a homeowner with additional time to find alternate employment and replace income needed to make their mortgage payment.

UMA was designed to assist homeowners who are currently receiving California Employment Development Department unemployment benefits. UMA was designed to complement other loss mitigation programs, including increasing a homeowner’s eligibility for an extended written forbearance plan and/or loan modification.

Chris Vigil is the broker/owner of Chris Vigil Real Estate in Whittier, California specializing in selling single-family residences. He can be reached at www.ChrisVigil.net or 562-945-4422.

Join the Conversation

We invite you to use our commenting platform to engage in insightful conversations about issues in our community. Although we do not pre-screen comments, we reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable to us, and to disclose any information necessary to satisfy the law, regulation, or government request. We might permanently block any user who abuses these conditions.

If you see comments that you find offensive, please use the “Flag as Inappropriate” feature by hovering over the right side of the post, and pulling down on the arrow that appears. Or, contact our editors by emailing moderator@scng.com.